Iraq Benchmarks Act - Directs that, if the President is unable to make a determination that the government of Iraq is achieving certain security, political, and economic benchmarks on or before July 1, 2007, and every 90 days thereafter, or if a joint resolution disapproving such a presidential determination is enacted into law, then the Secretary of Defense shall, within 30 days after the above applicable deadline or the enactment of the joint resolution, commence the redeployment of U.S. Armed from the non-Kurdish areas of Iraq, and complete such redeployment within 180 days.
Prohibits any funds from being obligated or expended to deploy or continue the deployment of U.S. Armed Forces in such areas after the 180-day redeployment period. Provides exceptions for: (1) providing security for U.S. diplomatic facilities in Iraq; (2) engaging in limited operations to kill or capture members of al-Qaeda and other terrorist organizations that pose a threat to U.S. national security; and (3) training members of the Iraqi Security Forces.
Requires that, if the President proposes a new plan to stabilize Iraq after the date of enactment of this Act and prior to U.S. Armed Forces redeployment from Iraq, then: (1) the President shall promptly transmit such plan to Congress; and (2) the plan may be implemented only if a joint resolution approving such plan is enacted into law.